- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21681

Old Mutual/Claymore Long-Short Fund

(Exact name of registrant as specified in charter)

2455 Corporate West Drive Lisle, IL 60532

(Address of principal executive offices) (Zip code)

J. Thomas Futrell
2455 Corporate West Drive
Lisle, IL 60532

(Name and address of agent for service)

Registrant's telephone number, including area code: (630) 505-3700

Date of fiscal year end: December 31

Date of reporting period: September 30, 2008

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. SCHEDULE OF INVESTMENTS.
Attached hereto.

OLD MUTUAL/CLAYMORE LONG-SHORT FUND
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 2008 (UNAUDITED)

NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------------

 LONG-TERM INVESTMENTS - 117.7%
 COMMON STOCKS - 116.5%
 CONSUMER DISCRETIONARY - 13.3%
 2,230 Amazon.com, Inc. (a) (b) $ 162,255
 6,995 Best Buy Co., Inc. (b) 262,312
 67,862 Big Lots, Inc. (a) (b) 1,888,599
 143,571 Comcast Corp. - Class A (b) 2,818,299
 19,076 Dillard's, Inc. 225,097
 16,484 Eastman Kodak Co. 253,524
 31,449 Expedia, Inc. (a)(b) 475,194
 320,396 Ford Motor Co. (a) (b) 1,666,059
 27,956 Gap, Inc. (b) 497,058
 87,035 H&R Block, Inc. (b) 1,980,046
 42,739 Harman International Industries, Inc. (b) 1,456,118
 250,425 Interpublic Group of Companies, Inc. (a) (b) 1,940,794
 30,954 McGraw-Hill Cos., Inc. (b) 978,456
 13,023 New York Times Co. - Class A 186,099
 81,303 Newell Rubbermaid, Inc. (b) 1,403,290
 227,827 News Corp. - Class A (b) 2,731,646
 33,323 Nike, Inc. - Class B (b) 2,229,309
 67,574 Office Depot, Inc. (a) (b) 393,281
 41,488 Polo Ralph Lauren Corp. (b) 2,764,760
 71,248 Snap-On, Inc. (b) 3,751,920
 209,422 Time Warner, Inc. (b) 2,745,522
 23,347 Walt Disney Co. (b) 716,519
 87,775 Wendy's/Arby's Group, Inc. - Class A (b) 461,698
 28,064 Wyndham Worldwide Corp. (b) 440,885
 ------------
 32,428,740
 ------------

 CONSUMER STAPLES - 12.8%
 44,609 Altria Group, Inc. (b) 885,043
 12,167 Anheuser-Busch Cos., Inc. (b) 789,395
 92,216 Archer-Daniels-Midland Co. (b) 2,020,453
 32,815 Brown-Forman Corp. - Class B (b) 2,356,445
 54,027 Costco Wholesale Corp. (b) 3,507,973
 20,129 Dean Foods Co. (a) (b) 470,213
 20,560 Estee Lauder Cos., Inc. - Class A (b) 1,026,150
 26,074 Kroger Co. (b) 716,513
 37,600 Molson Coors Brewing Co. - Class B (b) 1,757,800
 80,580 Philip Morris International, Inc. (b) 3,875,898
 59,888 Procter & Gamble Co. (b) 4,173,595
 159,743 SYSCO Corp. (b) 4,924,877
 188,631 Tyson Foods, Inc. - Class A (b) 2,252,254
 24,915 Walgreen Co. (b) 771,368
 26,988 Wal-Mart Stores, Inc. (b) 1,616,311
 1,847 WM Wrigley Jr. Co. (b) 146,652
 ------------
 31,290,940
 ------------

 ENERGY - 15.4%
 15,377 Baker Hughes, Inc. (b) 930,923
 90,636 Chevron Corp. (b) 7,475,657
 29,561 ConocoPhillips (b) 2,165,343
 134,310 El Paso Corp. (b) 1,713,796
 166,071 Exxon Mobil Corp. (b) 12,897,074
 89,595 Halliburton Co. (b) 2,901,982
 5,966 Hess Corp. (b) 489,689
 19,041 Murphy Oil Corp. (b) 1,221,290
 11,820 Noble Energy, Inc. (b) 657,074
 49,402 Occidental Petroleum Corp. (b) 3,480,371
 34,763 Schlumberger Ltd. (Netherlands Antilles) (b) 2,714,643
 41,204 Williams Cos., Inc. (b) 974,475
 ------------
 37,622,317
 ------------

 FINANCIALS - 19.3%
 20,022 AvalonBay Communities, Inc. - REIT (b) 1,970,565
 47,908 Bank of America Corp. (b) 1,676,780
 92,996 Bank of New York Mellon Corp. (b) 3,029,810
 10,089 BB&T Corp. 381,364
 38,735 Boston Properties, Inc. - REIT (b) 3,627,920
 13,630 CB Richard Ellis Group, Inc. - Class A (a) (b) 182,233
 150,265 Charles Schwab Corp. (b) 3,906,890
 35,219 Chubb Corp. (b) 1,933,523
 21,348 Citigroup, Inc. 437,848
 1,226 CME Group, Inc. (b) 455,471
 28,948 Discover Financial Services (b) 400,061
 9,021 Fifth Third Bancorp 107,350
 67,587 Host Hotels & Resorts, Inc. - REIT (b) 898,231
 13,816 Hudson City Bancorp, Inc. 254,905
 53,113 Janus Capital Group, Inc. (b) 1,289,584
 153,553 JPMorgan Chase & Co. (b) 7,170,925
 35,505 Kimco Realty Corp. - REIT (b) 1,311,555
 85,281 Loews Corp. (b) 3,367,747
 45,220 Marsh & McLennan Cos., Inc. (b) 1,436,187
 24,624 Merrill Lynch & Co., Inc. 622,987
 39,316 Northern Trust Corp. (b) 2,838,615
 75,993 NYSE Euronext (b) 2,977,406
 9,256 Plum Creek Timber Co., Inc. - REIT (b) 461,504
 9,010 Principal Financial Group, Inc. (b) 391,845
 7,969 Public Storage - REIT (b) 789,011
 68,613 Regions Financial Corp. (b) 658,685
 33,746 T Rowe Price Group, Inc. (b) 1,812,498
 17,874 Travelers Cos., Inc. (b) 807,905
 28,761 US Bancorp. (b) 1,035,971
 17,315 Wells Fargo & Co. (b) 649,832
 ------------
 46,885,208
 ------------

 HEALTH CARE - 13.3%
 16,598 Aetna, Inc. (b) 599,354
 108,526 AmerisourceBergen Corp. (b) 4,086,004
 8,139 Amgen, Inc. (a) (b) 482,399
 21,042 Baxter International, Inc. (b) 1,380,986
 61,042 Bristol-Myers Squibb Co. (b) 1,272,726
 99,514 Cardinal Health, Inc. (b) 4,904,050
 44,597 Cigna Corp. (b) 1,515,406
 16,329 Genzyme Corp. (a) (b) 1,320,853
 11,393 Johnson & Johnson (b) 789,307
 84,487 McKesson Corp. (b) 4,546,245
 75,845 Medco Health Solutions, Inc. (a) (b) 3,413,025
 40,948 PerkinElmer, Inc. (b) 1,022,472
 78,796 Stryker Corp. (b) 4,908,991
 258,448 Tenet Healthcare Corp. (a) (b) 1,434,386
 24,096 UnitedHealth Group, Inc. (b) 611,797
 ------------
 32,288,001
 ------------

 INDUSTRIALS - 10.6%
 66,742 Boeing Co. (b) 3,827,654
 10,340 C.H. Robinson Worldwide, Inc. (b) 526,926
 41,287 CSX Corp. (b) 2,253,032
 26,761 Cummins, Inc. (b) 1,169,991
 29,640 FedEx Corp. (b) 2,342,746
 42,073 Fluor Corp. (b) 2,343,466
 302 General Dynamics Corp. (b) 22,233
 96,308 General Electric Co. (b) 2,455,854
 42,993 Jacobs Engineering Group, Inc. (a) (b) 2,334,950
 16,754 Lockheed Martin Corp. (b) 1,837,411
 2,816 Manitowoc Co., Inc. (b) 43,789
 20,504 Parker Hannifin Corp. (b) 1,086,712
 7,112 Precision Castparts Corp. (b) 560,283
 36,558 Raytheon Co. (b) 1,956,218
 6,595 Tyco International Ltd. (Bermuda) 230,957
 29,731 Union Pacific Corp. (b) 2,115,658
 6,961 WW Grainger, Inc. (b) 605,398
 ------------
 25,713,278
 ------------

 INFORMATION TECHNOLOGY - 17.4%
 120,317 CA, Inc. (b) 2,401,527
 23,767 Computer Sciences Corp. (a) (b) 955,196
 80,795 Convergys Corp. (a) (b) 1,194,150
 201,422 Corning, Inc. (b) 3,150,240
 87,065 Dell, Inc. (a) (b) 1,434,831
 24,468 eBay, Inc. (a) (b) 547,594
 32,301 Electronic Arts, Inc. (a) (b) 1,194,814
 57,943 EMC Corp. (a) (b) 692,998
 5,723 Google, Inc. - Class A (a) (b) 2,292,176
 149,860 Hewlett-Packard Co. (b) 6,929,526
 37,430 Intel Corp. (b) 701,064
 28,829 Jabil Circuit, Inc. 275,029
 14,433 Lexmark International, Inc. - Class A (a) (b) 470,083
 1,160 Mastercard, Inc. - Class A (b) 205,703
 87,124 Micron Technology, Inc. (a) (b) 352,852
 266,695 Microsoft Corp. (b) 7,118,090
 84,801 Molex, Inc. (b) 1,903,782
 123,494 Motorola, Inc. (b) 881,747
 22,081 NetApp, Inc. (a) 402,537
 262,727 Sun Microsystems, Inc. (a) (b) 1,996,725
 3,651 Teradyne, Inc. (a) (b) 28,514
 169,335 Texas Instruments, Inc. (b) 3,640,703
 20,107 Tyco Electronics Ltd. (Bermuda) (b) 556,160
 259,103 Unisys Corp. (a) (b) 712,533
 49,365 Western Union Co. (b) 1,217,835
 61,778 Yahoo!, Inc. (a) (b) 1,068,759
 ------------
 42,325,168
 ------------

 MATERIALS - 5.2%
 51,403 AK Steel Holding Corp. (b) 1,332,366
 1,230 Ashland, Inc. (b) 35,965
 14,710 CF Industries Holdings, Inc. 1,345,377
 20,034 Dow Chemical Co. (b) 636,680
 115,334 Du Pont (E.I.) de Nemours & Co. (b) 4,647,960
 35,952 Ecolab, Inc. (b) 1,744,391
 8,799 MeadWestvaco Corp. 205,105
 40,308 Newmont Mining Corp. (b) 1,562,338
 44,960 Sealed Air Corp. (b) 988,670
 3,514 Vulcan Materials Co. (b) 261,793
 ------------
 12,760,645
 ------------

 TELECOMMUNICATIONS - 5.6%
 40,057 American Tower Corp. - Class A (a) (b) 1,440,850
 210,541 AT&T, Inc. (b) 5,878,305
 170,930 Qwest Communications International, Inc. (b) 552,104
 177,624 Verizon Communications, Inc. (b) 5,699,954
 ------------
 13,571,213
 ------------

 UTILITIES - 3.6%
 8,763 AES Corp. (a) 102,439
 11,561 Allegheny Energy, Inc. (b) 425,098
 77,876 Duke Energy Corp. (b) 1,357,379
 42,417 Edison International (b) 1,692,438
 132,157 PG&E Corp. (b) 4,949,280
 21,417 TECO Energy, Inc. (b) 336,889
 ------------
 8,863,523
 ------------
 TOTAL COMMON STOCKS - 116.5%
 (Cost $343,447,703) 283,749,033
 ------------

 TRACKING STOCKS (c) - 1.2%
 HEALTH CARE - 1.2%
 85,068 Applied Biosystems, Inc. (b)
 (Cost $2,784,146) 2,913,579
 ------------

 TOTAL LONG-TERM INVESTMENTS - 117.7%
 (Cost $346,231,849) 286,662,612
 ------------


 CONTRACTS
 (100 SHARES EXPIRATION EXERCISE
 PER CONTRACT) DATE PRICE VALUE
------------------------------------------------------------------------------------

 CALL OPTIONS PURCHASED (a) -- 0.0%
 315 CBOE S&P 500 Volatility Index Dec 2008 25.00 119,700
 (Cost $79,076) ------------


PRINCIPAL AMOUNT VALUE
------------------------------------------------------------------------------------

 U.S. GOVERNMENT SECURITIES - 10.8%
 $ 1,000,000 U.S. Treasury Bill
 yielding 1.30% 11/20/08 maturity (b) 999,808
 25,250,000 U.S. Treasury Bill
 yielding 1.70% 12/04/08 maturity (b) 25,217,907
 ------------

 TOTAL U.S. GOVERNMENT SECURITIES 26,217,715
 (Cost $26,172,097) ------------



NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------------

 MONEY MARKET FUNDS - 1.9%
 4,624,682 Dreyfus Institutional Reserve
 Money Market Fund, 2.56% (d)
 (Cost $4,624,682) 4,624,682
 ------------


 TOTAL SHORT-TERM INVESTMENTS - 12.7%
 (Cost $30,796,779) 30,842,397
 ------------


 TOTAL INVESTMENTS - 130.4%
 (Cost $377,107,704) 317,624,709
 Securities Sold Short - (26.5%)
 (Proceeds $71,574,180) (64,643,353)
 Total Value of Options Written
 (Premiums received $6,797,217) - (2.0%) (4,893,760)
 Liabilities in excess of Other Assets - (1.9%) (4,574,583)
 ------------
 NET ASSETS - 100.0% $ 243,513,013
 ============


Number
of Shares VALUE
------------------------------------------------------------------------------------

 SECURITIES SOLD SHORT - 26.5%
 COMMON STOCKS - 26.5%
 CONSUMER DISCRETIONARY - 4.7%
 32,260 Abercrombie & Fitch Co. - Class A $ 1,272,657
 3,012 Apollo Group, Inc. - Class A 178,612
 23,418 Autozone, Inc. 2,888,376
 4,962 Black & Decker Corp. 301,442
 211 Carnival Corp. (Panama) 7,459
 59,695 CBS Corp. - Class B 870,353
 32,802 DR Horton, Inc. 427,082
 14,320 EW Scripps Co. - Class A 101,242
 23,335 Gannett Co., Inc. 394,595
 27,439 Goodyear Tire & Rubber Co. 420,091
 7,170 Home Depot, Inc. 185,631
 21,264 International Game Technology 365,316
 36,994 KB Home 728,042
 8,049 Liz Claiborne, Inc. 132,245
 14,327 Meredith Corp. 401,729
 60,572 Scripps Networks Interactive, Inc. - Class A 2,199,369
 9,565 Starwood Hotels & Resorts Worldwide, Inc. 269,159
 645 Washington Post Co. - Class B 359,110
 ------------
 11,502,510
 ------------

 CONSUMER STAPLES - 1.9%
 33,506 Clorox Co. 2,100,491
 14,285 Hershey Co. 564,829
 3,503 HJ Heinz Co. 175,045
 25,612 Lorillard, Inc. 1,822,294
 ------------
 4,662,659
 ------------

 ENERGY - 2.2%
 463 Anadarko Petroleum Corp. 22,460
 47,371 Chesapeake Energy Corp. 1,698,724
 31,658 Range Resources Corp. 1,357,179
 3,919 Sunoco, Inc. 139,438
 22,017 Tesoro Corp. 363,060
 16,776 Transocean, Inc. (Cayman Islands) 1,842,676
 ------------
 5,423,537
 ------------

 FINANCIALS - 4.5%
 770 Aflac, Inc. 45,238
 21,250 Capital One Financial Corp. 1,083,750
 108,647 First Horizon National Corp. 1,016,936
 28,773 General Growth Properties, Inc. - REIT 434,472
 3,474 Goldman Sachs Group, Inc. 444,672
 8,554 Hartford Financial Services Group, Inc. 350,628
 35,516 HCP, Inc. - REIT 1,425,257
 46,302 Keycorp 552,846
 24,072 Leucadia National Corp. 1,093,832
 74,978 Marshall & Ilsley Corp. 1,510,807
 65,775 MGIC Investment Corp. 462,398
 5,789 Morgan Stanley 133,147
 6,471 Prudential Financial, Inc. 465,912
 79,186 SLM Corp. 977,155
 54,716 XL Capital Ltd. - Class A (Cayman Islands) 981,605
 ------------
 10,978,655
 ------------

 HEALTH CARE - 2.7%
 7,131 Intuitive Surgical, Inc. 1,718,428
 31,757 King Pharmaceuticals, Inc. 304,232
 205,745 Mylan, Inc. 2,349,608
 37,093 Waters Corp. 2,158,071
 ------------
 6,530,339
 ------------

 INDUSTRIALS - 2.0%
 16,088 Deere & Co. 796,356
 97,038 Pitney Bowes, Inc. 3,227,484
 509 Ryder System, Inc. 31,558
 21,390 Southwest Airlines Co. 310,369
 16,307 Textron, Inc. 477,469
 ------------
 4,843,236
 ------------

 INFORMATION TECHNOLOGY - 4.1%
 19,167 Advanced Micro Devices, Inc. 100,627
 39,729 Affiliated Computer Services, Inc. - Class A 2,011,479
 1,174 Apple, Inc. 133,437
 95,143 Ciena Corp. 959,041
 66,718 Fiserv, Inc. 3,157,096
 58,453 JDS Uniphase Corp. 494,512
 49,060 Linear Technology Corp. 1,504,180
 20,882 MEMC Electronic Materials, Inc. 590,125
 29,533 Novell, Inc. 151,800
 78,288 Nvidia Corp. 838,464
 ------------
 9,940,761
 ------------

 MATERIALS - 1.4%
 56,796 Bemis Co., Inc. 1,488,623
 2,752 Freeport-McMoRan Copper & Gold, Inc. 156,451
 29,887 Weyerhaeuser Co. 1,810,555
 ------------
 3,455,629
 ------------

 TELECOMMUNICATIONS - 2.8%
 6,248 CenturyTel, Inc. 228,989
 67,294 Embarq Corp. 2,728,772
 293,656 Frontier Communications Corp. 3,377,044
 54,153 Windstream Corp. 592,434
 ------------
 6,927,239
 ------------

 UTILITIES - 0.2%
 15,588 Constellation Energy Group, Inc. 378,788
 ------------

 TOTAL SECURITIES SOLD SHORT - 26.5 %
 (Proceeds $71,574,180) $ 64,643,353
 ============


Contracts
(100 shares Expiration Exercise
per contract) Options Written (a) Date Price Value
------------------------------------------------------------------------------------

 CALL OPTIONS WRITTEN (a)
 6,747 KBW Bank Index October 2008 $ 82.50 $ 624,097
 312 NASDAQ 100 1500-2000 Index October 2008 1,675.00 795,600
 225 S&P 500 Index October 2008 1,100.00 1,896,750
 350 S&P 500 Index October 2008 1,175.00 1,242,500
 260 S&P 500 Index October 2008 1,250.00 260,000
 ------------
 4,818,947
 ------------

 PUT OPTIONS WRITTEN (a)
 315 CBOE S&P 500 Volatility Index December 2008 25.00 74,813

 TOTAL OPTIONS WRITTEN
 ------------
 (Premiums received $6,797,217) $ 4,893,760
 ------------

REIT - Real Estate Investment Trust

(a) Non-income producing security.

(b) All or a portion of these securities are held as collateral for Securities Sold Short and futures.

(c) A tracking stock is a security issued by a parent company to track the performance of a subsidiary, division or line of business.

(d) Interest rate shown reflects yield as of September 30, 2008.

Securities are classified by sectors that represent broad groupings of related industries.

See previously submitted notes to financial statements for the period ended June 30, 2008.

-------------------------------------------------
 Country Allocation*
-------------------------------------------------
United States 98.9%
Netherlands Antilles 0.9%
Bermuda 0.2%
-------------------------------------------------

* Subject to change daily. Based on total investments.

Securities Sold Short Country Allocation**

United States 95.6%
Cayman Islands 4.4%
Panama 0.0%
-------------------------------------------------

** Subject to change daily. Based on total securities sold short.

At September 30, 2008, the following futures contracts were outstanding:

 Unrealized
 Number of Appreciation
Long Contracts Contracts (Depreciation)
------------------------------------------------------------------------------ ----------------

Amsterdam Exchanges Index - October 2008
 (Current notional value of 66,270 Euro per contract) 157 $ (1,736,378)
CAC 40 10 Year Euro Index - October 2008
 (Current notional value of 40,455 Euro per contract) 250 (338,179)
CBOE Volatility Index - November 2008
 (Current notional value of $28,220 per contract) 33 56,900
CBOE Volatility Index - December 2008
 (Current notional value of $26,680 per contract) 179 73,140
Dow Jones Euro STOXX 50 - December 2008
 (Current notional value of 30,620 Euro per contract) 113 (120,953)
FTSE 100 Index - December 2008
 (Current notional value of 49,730 Pound Sterling per contract) 521 (1,426,695)
S&P/MIB Index - December 2008
 (Current notional value of 128,430 Euro per contract) 120 (1,074,945)
S&P/TSE 60 Index - December 2008
 (Current notional value of 141,620 Canadian dollars per contract) 140 (1,531,979)
SPI 200 Index - December 2008
 (Current notional value of 117,125 Australian dollars per contract) 352 (267,294)
90 Day Euro$ IMM - March 2009
 (Current notional value of $242,588 per contract) 650 312,591
90 Day Euro$ IMM - June 2009
 (Current notional value of $242,400 per contract) 650 (276,250)
 ----------- ---------------
 3,165 $ (6,330,042)
 ----------- ---------------


SHORT CONTRACTS
---------------------------------------------------------------

CBOE Volatility Index - October 2008
 (Current notional value of $30,660 per contract) 243 $ (1,101,430)
DAX Index - December 2008
 (Current notional value of 147,200 Euro per contract) 72 353,061
Hang Seng Stock Index - October 2008
 (Current notional value of 904,100 Hong Kong dollars per contract) 30 215,982
IBEX 35 Index - October 2008
 (Current notional value of 109,525 Euro per contract) 135 112,672
QMXS 30 Index - October 2008
 (Current notional value of 77,525 Swedish Krona per contract) 1,002 557,556
S&P 500 - December 2008
 (Current notional value of $58,450 per contract) 850 3,799,500
TOPIX Index - December 2008
 (Current notional value of 10,860,000 Japanese Yen per contract) 269 2,770,417
 ----------- ---------------
 2,601 $ 6,707,758
 ----------- ---------------

 5,766 $ 377,716
 =========== ===============

All notional values are denominated in local currencies.

At September 30, 2008, the following forward exchange currency contracts were
outstanding:

 Local Unrealized
 Currency Appreciation
Long Contracts Value (Depreciation)
---------------------------------------------------------- ------------------ ---------------------

Australian Dollar, 14,000,000 expiring 12/17/08 10,993,233 $ 15,553
Japanese Yen, 600,000,000 expiring 12/17/08 5,714,693 36,531
New Zealand Dollar, 32,000,000 expiring 12/17/08 21,180,227 (84,833)
Norwegian Krone, 320,000,000 expiring 12/17/08 53,867,136 (1,608,480)
Swedish Krona, 200,000,000 expiring 12/17/08 28,699,703 (530,001)
 ---------------------
 $ (2,171,230)
 ---------------------


SHORT CONTRACTS
----------------------------------------------------------

Canadian Dollar, 52,000,000 expiring 12/17/08 49,061,394 $ (757,096)
Pound Sterling, 28,000,000 expiring 12/17/08 50,048,619 (1,041,594)
Swiss Franc, 19,000,000 expiring 12/17/08 17,064,826 (384,406)
 ---------------------
 $ (2,183,096)
 ---------------------

 $ (4,354,326)
 ---------------------

In September, 2006, the FASB issued Statement of Financial Accounting Standards No. 157, "Fair Valuation Measurements" ("FAS 157"). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 establishes three different categories for valuations. Level 1 valuations are those based upon quoted prices in active markets. Level 2 valuations are those based upon quoted prices in inactive markets or based upon significant observable inputs (i.e. yield curves; benchmark interest rates; indices). Level 3 valuations are those based upon unobservable inputs (i.e. discounted cash flow analysis; non-market based methods used to determine fair valuation).

Valuations at September 30, 2008
Description Securities Derivatives Total
 ---------------- --------------- -----------------

(value in $000s)
Assets:
Level 1 $ 317,505 $ 120 $ 317,625
Level 2 - 8,304 8,304
Level 3 - - -
 ---------------- --------------- -----------------
Total $ 317,505 $ 8,424 $ 325,929
 ================ =============== =================

Liabilities:
Level 1 $ 64,643 $ 4,894 $ 69,537
Level 2 - 12,281 12,281
Level 3 - - -
 ---------------- --------------- -----------------
Total $ 64,643 $ 17,175 $ 81,818
 ================ =============== =================

Subsequent to September 30, 2008, the major U.S. and global equity market benchmarks posted sharp declines. From September 30, 2008 through October 31, 2008, the Dow Jones Industrial Average lost 14.0%, the S&P 500 Index declined by 16.8% and the NASDAQ Composite shed 17.7%. Globally, the MSCI World Index declined 19.0% and the MSCI EAFA lost 20.2%.

As illustrated by the benchmark returns, the impact was not limited to a specific sector. The Chicago Board of Options Exchange Volatility Index, which is generally used as a gauge of fear and uncertainty in the market place, reached levels never seen before. The markets appeared to have lost confidence in the financial system after a significant series of events which included: the government rescue of mortgage entities Fannie Mae and Freddie Mac, the failure of investment bank Lehman Brothers, the merger of Merrill Lynch with Bank of America, the government bailout of American International Group, and the passage of a $700 billion financial rescue package designed to help rid financial institutions of "toxic" debt carried on their books. The combination of these events, and others, resulted in significant declines in the market valuations of the impacted securities, the financials sector in general and the broad market as a whole.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing date of this report and have concluded, based on such evaluation, that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant's last fiscal quarter that materially affected or is reasonably likely to materially affect the registrant's internal control over financial reporting.

ITEM 3. EXHIBITS.

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act, as amended (17 CFR 270.30a-2(a)), is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Old Mutual/Claymore Long-Short Fund

By: /s/ J. Thomas Futrell
 ---------------------------------
 J. Thomas Futrell
 Chief Executive Officer


Date: November 20, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ J. Thomas Futrell
 ---------------------------------
 J. Thomas Futrell
 Chief Executive Officer

Date: November 20, 2008




By: /s/ Steven M. Hill
 ---------------------------------
 Steven M. Hill
 Treasurer and Chief Financial Officer

Date: November 20, 2008

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